On this page
- Departments (1)
-
Text (6)
-
Untitled Article
-
Untitled Article
-
Untitled Article
-
Untitled Article
-
Stthjinat (fyoxntyQixiXmce*
-
Untitled Article
Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.
-
-
Transcript
-
Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.
Additionally, when viewing full transcripts, extracted text may not be in the same order as the original document.
Untitled Article
until the arrival of Mr . Bruce , who ., it is to be hoped > Tvillgive his early attention to this important matter , lord Elgin expected to meet Mr . Bruce at Singapore , after % hich he was to go to Bombay in her Majesty ' s steamer Furious , and thence to England . Sir Michael Seymour also is coming home . The gunboat expedition returned to Canton on the 3 rd inst ., after a successful journey of 195 miles up the ¦ western branch of the Pearl river , as far as the large
town of Wee-chan , in the province of Kwangsi . No opposition was offered by the Chinese , but , on the contrary , great politeness was shown in some instances . The river is described as easily navigable , and flowing through a fertile country ; but the devastations by the rebels have almost annihilated the native trade . Bands of these banditti appear to be infesting various parts of Southern China . Amoy was Ihreatened a short time ago , and they are now committing depredations in the country around Swatow .
Untitled Article
TRANCE . Paris , Thursday , 6 ;| p , m . THE WISDOM OF NEUTRALITY . If a proof were requisite of the wisdom of England abstaining from all interference in a war upon the Continent— a war . which has not for its object to establish either the national independence of Italy nor the personal liberty of Italians , nor their release from the odious despotism of Papacy , but which is simply undertaken to decide whether the tyranny of Austria or that of Prance shall preponderate in the Peninsula—the proof . would be'found in the undisguised vexation and annoyance of the war party hgre at Lord Derby ' s energetic reiteration to observe a strict neutrality . To say the truth , Lord John Russell ' s declaration to the electors of
London , couched in similar words , has given still greater offence , and the hope is centred in Lord Palmerstoni . His jaunty lordship is expected ,, should he arrive to power , to enter upon a crusade to expel the Austrians from Italy to make room for the advent of French domination : and he is thought to be disposed to this act of gratitude for the gracious reception he met with at Compeigne when he played at . mummers with the juvenile entrain of sixteen . No epithet is too harsh for the Derby cabinet . They are accused of being clumsy , stupid , and even dishonest . Blame from tmcfi a source s testimony to their prudence and their patriotismj not but what I fear Lord Malmesbuiy lias acted very foolishly ^ and in an undignified manner anent a certain letter which ho is saia to have written , and w i nch is
ostentatiously exhibited by ujs friend in the Tuileries . Your readers will not suppose that I have any particular . affection for the Tories , but it is" no more than just that I should bear witness to their policy when they rise superior to party , and stand forth as English statesmen , jealous or the honour and welfare of their country . When tho last proposition for pence was received ivoxa JEngland there were waitings and gnashing of teeth in the Tuileries and Palais Itqyn ) . It became evident that neither Whig nor Tory would enter into an entangling alliance with France to servo Imperial ambition , or to < lraw the cheatnuta for tho others to munch . The Crimean war has borne its fruits . It proved that wo liad no real allies upon the Continent , any more than that we hud any real interest in the maintenance of this or that Contjnontnl tyranny . Nevertheless , an attempt was made to ontrnp England into an alliance . Tho French cabinet proposed to accept tho last English proposition , provided that , if England's negotiations for
peace did not succeed , she should take sides with Franco against Austria . I rejoico to say that this wily manoeuvre has failed . I should not be surprised if , nftor all , tho armed neutrality of England did prevent war , or was to compel a prompt peace . Foit , ns both Franco and Austria iuney that in tho end England ' s sword will bo thrown into tho scale , and are in ignorance on which side it will ponderate , they fire now only anxious , Franco particularly bo . It is felt that : when the bollJgeronts have apont their xage , thinned their populations , and exhausted their treasures , England oven alone , and all the more so if she tttands at the lioad of a league of armed neutrals , will bo able to Impose whatever conditions In her wisdom she jnay d eenvflttlne , nnd be able to expel both Franco and AusteJafroTO Italy—a . consummation moat devoutly to bo wished . Meanwhile , there Is a growing coolnoea between tho cabinet of tho TuUorlos and that of Snlnt James ' e . Franco Is arming ; her fleet and calling out
her naval reserves to an extent of which you in England seem to have little , knowledge . She has turned her eyes imploringly to Russia , and although the French papers deny that any treaty exists between the Czar and Nap oleon , there is one in which the most important article is an undertaking on the part of France to offer no obstacle to Russian views on Constantinople , in order that she may have free elbow Toom in Italy . Your readers may qualify as they please the morality of this convention . The fury of the war party at England ' s neutrality was curiously shown the other day by a gentleman who stands high in the confidence of certain authorities . He endeavoured to prove that the party that suffered would be the one that took no share in the war—^ that if England abstained , Russia would be in Constantinople , and that she would inevitably lose , the Ionian Islands with
Malta , and the security of the Indian route . The uneasiness of Frenchmen is further augmented besides by what they believe will . result from war , as to their inferiority towards England . They say— " Suppose we be successful , we shall have tp uphold the Pope , aud shall we not be as hateful to the Romans then as are the Austrians now ? and will not the defeat of Austria result in the disintegration of the empire , from the ruins of which will arise a great , powerful and compact German empire on the other side of the Rhine , and a great Sclave empire composed of Poland and Hungary 1 " I have no doubt there will , and then , with a free Italy contending with France for supremacy in the Mediterranean j with a great free German empire holding her at bay on the Rhine , and with a Sclave empire barring Russia from Europe , both the fbmentors of the war , the Czar and Napoleon , will reap their reward in the decline and fall of their respective empires .
THE SINEWS OF WAR . Frederick the Great , in reply to a question , is reported to have said that three things were necessary to make war : 1 st . Money ; 2 nd . More money ; and 3 rd . Always money , —de Vargent , encore de Vargent , et toujours tie Vargent . The French Government appear thoroughlyconvinced of the truth of this , maxim ; forj although their organs stated most positively , on Monday evening that there would be no war loan—there being no necessity tor it—the real purpose of the communication to the legislative body on Tuesday was to ask authority to borrow twenty millions sterling , which had only been decided on in a meeting of the members , under the presidency of the Emperor , assisted by his cousin , the Prince Napoleon , held on the preceding evening . The
vote of 40 , 000 additional men was an insignificant detail . The deputies who had indulged in the pleasing illusion that no loan would be required , and had probably imagined that recourse would be had to the former Napoleonic policy of making the war support itself , were surprised . Whether the surprise was agreeable ,. or the contrary , your readers can judge for themselves . The announcement of the loan was received with very moderate and temperate enthusiasm . The Government are held to have made two signal blunders in the speeches which followed their communication . The first was by Count de Morny , the President of the legislative body , when he said that the material interest of the country ought to give way to patriotism . Whereat the deputies winced not a little . The second was when M .
Baroohe , President of the Council of State , said that it was not probable the whole of the twenty millions sterling would be required for the war , and then in that case , the balance could be appropriated to public works . So indiscreet was this remark felt to be that it is suppressed in the official report published in to - day ' s Moniteur . It is thought that the public would institute comparisons between the address of M . Barocheand the speeches of certain joint-stock directors when they peek to . raise additional capital . The report of the Committee of tho legislative body upon the Loan Bill is , of course , all couleur de rose . It states that the condition of the public Treasury is excellent : ample to supply the first wants of the army . The balances in hand on Monday were £ 8 , 520 , 000 .
The new capital of the Bank of France ( j £ 4 , 000 , 000 ) is to be paid over to Government in the course of this year , and may be rendered immediately availablej besides which £ 1 , 000 , 000 may ho drawn from the Bank as an advance . Moreover , the amount of Treasury bills issued is only £ 7 , 200 , QOO , or , £ g , 800 , 000 below ( he issue fixed by law . By applying to theso different sources , £ 11 , 320 , 000 , which the arithmetic of . the report makes' \ ipwards of twelve millions sterling , may be rendered available for a " generous war , " However flattering tho condition of the financial resources may be , tho bare nnd naked fact cannot bo concealed that upwards of £ 32 , 000 , 000—which I jHhall presently show to bo much more—are to be spprit in sacrifices to tho bloody shrine of Mars , and in pursuit of the hollow phantom of military glory , to gratify Iniporlul ambition nnd satisfy dynastic exigencies .
The loan of twenty millions sterling is far from representing tho burden that is to bo imposed upon tho nation . There aro to bo flret 800 , 000 * . supplementary , to facilitate the payment of subscription , and to cover tho loss on discounts from anticipatory payments . Next , as tho sum voted is to be raised nut , evidently the Government will bo obliged to issue no . amount of stock—inscriptions do rentcs—ifor a much Inrgoi- fleuro . Tho rato of Interest is not yet fixed , Nut whether at three per cent , or five per cent , makeu not tho slightest difference , for the money will , not be got for less than it is worth . Therefore , If a larger rate of interest be paid for a smaller loan , It will be precisely the same thing' ns if a smaller rate of interest wore paid for a larger loan—a fuct which Is studiously kept In the background . The Three nor Cents , dosed yesterday at Q 8 f . ; to-Uay they tu-oOSf . ( JOc .
The three former war loans , raised during the cont est with Russia , were-, —independently of the premiums—62 f . 75 c , G 3 f ! 17 c , and 63 f . 27 c , "W every 100 fran « stock . I need not say that the financial condition thpn was superior to what it is at present . Then EnelaiuJ was allied to France , and there were no apprehensions ^ f an European coalition . Under these circumstances w £ shall not err if we suppose the new loan will be taken bv the public at the rate of the former war loans—631 3 / In all probability it will be much lower . Taking how " ever , this standard , it will require to raise 500 , 000 000 francs ( twenty millions sterling ) , at the rate of G 3 f for the lOOf . stock , to incur a debt of 793 107 fthnf ' or 3 T , 724 , 312 Z . of our money , If we add to this tfe 800 , OOOZ ., voted to facilitate the payment of subscription , by allowance of discounts , the real amount of the loan will be 32 , 524 , 312 Z . Nor is this all . The cash in hand and to be immediately applied to the purpose of war _ I 00
ll , 320 , QZ . —must be added , bringing up . the total to the enormous sum pf 43 , 844 , 312 ^ . But even this total gigantic as it is , is far from representing the whole for the Treasury bills Will suffer serious depreciation . With these figures before them , reflecting and intelligent men may well be pardoned if their enthusiasm for the war is moderate , if their patriotism does not assume the most warlike expression , and if they look with apprehension on such an instalment of war expenditure . Without calling , in question the financial resources of France nor the wisdom of its Government , it may be doubted whether so serious an addition to the burthen of the country jean be supported with patience , or without a very dangerous derangement of the finances . The interest upon the total above , which may be safely treated as a loan and addition to the public debt , will necessitate an increased annual expenditure of 1 , 815 , C 29 Z ., and that in presence of a constantly recurring annual deficit , in time of peace , of never less than five millions sterlinsr .
The first Russian war loan was contracted for 10 , 000 , 000 * . in March , . 1854 ; the second for 30 , 000 , 000 * . in January , 1855 ; and the third for 31 , 200 , 0007 . in July of the same year . The rates of interest upon each of the loans were 3 per cent , and 4 £ : per cent . Without being positive , I believe the net amounts of the loans were realised , which , of course ,- necessitate the issue of a larger quantity of stock . If I am correct in this supposition , then , for the first loan there would have been incurredtreating the two characters of stock as representing the actual value of money , —liabilities to the amount of 15 , 808 , 630 ? . The second loan would have increased these liabilities by 47 , 491 , 290 / , ; and the third loan would have made an addition of 49 , !) 47 , 7 tiO ? . ; making the total debt left by the Russian war 113 , 247 , 712 / ., and the annual interest thereon 3 , 397 , 431 / .
If we tidd to this sad legacy of the last contest that which will be bequeathed by the ensuing one , as already contemplated , the public debt of France will be increased bv 157 , 092 , 028 / ., and her annual expenditure by 4 , 712 , 760 * . for which she will receive no benefit , save what may be derived from military glory . On the other hand , the loss of the best part of her population will terribly aftect the agricultural interests , which already suiter from scarcity of labour . Were it desired to add to this gloomy picture , I could enumerate the liabilities incurred for guarantees of .. interest to new railways , and the various loans that have been raised by Government and local authorities for the gigantic public works that have been carried out . or are In the course of being proceeded with , should state of things continue , you will not long enjoy the melancholy distinction of being burthened withthe largest debt in the world . That of France will speedily outstrip yours , and then we may perceive , not that VEviinre e ' est la paix , but that t > Empire o ' est la Bcinqueroute Nationale .
Untitled Article
Coux x-itOM Russia .-A writer in tho Jndependance Beige questions the truth of an omn ion froauently oppressed , that Russw can supply Luropc with an immense quantity of corn , and £ « £ ** ingly . low prices . He says ; - " The past pro > os that siich an iOcn is erroneous , particular ly in > ftt rc lates to price . Thus , in the month of Ootob 1 , 18-6 , whedt was sold at Odessa as high as got . ffi ¦ tje hectolitre j in January , 1857 , tho price was 2 . ii . 4 bu , nnii ' ife was-onlv in July of that year that tho quo
t tV « came u ^^ toTsf . 50 o . *»»•« "™^ gtS xx ^ £ x ^^ y $ avS o ^ - ^ ^^^^\^ X ^ J ^^ A age , warohousingt and other churges . At tuo p ? osont momoncwha ' tis tho difleronc 0 ? Not ^ mwo than 450 . In favour of Odessa only , for t ^ . ^ J ™ burg wheat is worth If , Ofio . inorB Uu in U *^ A « ? n thn miantitv furnlahod by llusfllfi to ino xw » olu
of Europe tho ibfiovlng f « u * oa , « ™ « iffiiroi » Cnco ^^^ o ^ Aar'KorS ^ ff ^^ ^^^^ or , in all 21 , 051 , 000 hootolitrcs , w » l ° J JJ 0 B wondorfully groat amount . Jfranco , H is eccn , uj not take fl » o groatost sharo 1 and , abovo uJi , v does not recoivo tho whoat from Kusaia nt expoocHngly low rate . "
Untitled Article
JAPAN . Her Majesty ' s steamer Inflexible returned to Hong Kong , from Japan , on the 4 th March , having delivered at Yeddo the letter from Lord Malmes-Imry to the Japanese Government , and also distributed copies of the notification to the British snips in harbour , and left other copies with the Governor , to be disposed of in like manner .
Untitled Article
COCHIN CHINA . . An encounter took place at Turon , while the main body of the French and Spanish troops were absent at Segon . The result was the defeat of the Cochin Chinese with considerable loss , and only fifteen , or sixteen wounded on the other side .
Stthjinat (Fyoxntyqixixmce*
Stthjinat ( fyoxntyQixiXmce *
Untitled Article
^ 54 ! T OE IEADEB . C ^ bv 47 $ , AmtL 3 O ^ 185 P .
-
-
Citation
-
Leader (1850-1860), April 30, 1859, page 554, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/vm2-ncseproduct2292/page/10/
-